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Checking Up on the Affordable Care Act

By Rande Spiegelman

SOURCE: SCHWAB

 With all the commentary and debate surrounding the Patient Protection and Affordable Care Act, or “Obamacare,” it can be difficult to figure out what to expect as an individual. The effects of the new law will vary from person to person and state to state, but as investors, we should pay particular attention to five key tax changes.

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It is crucial for your business that you hire a tax professional in order to get proper assistance with your tax audit. Mike Habib EA, the right tax professional, will be able to help you protect and generate more money for your business. Professional tax audit assistance can help you all year long, advising and giving you tips regarding any tax problems. When you have the right help, you will be relieved from stress throughout the year. However, finding a right tax audit help can be a little difficult. Read on to understand how you can find professional tax audit help suitable for your business needs.

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Tax preparation can be a very difficult task, especially when you are not good with numbers. Many people try their hands in doing their own taxes but end up in even more confusion and frustration. Seeking professional help is a better idea when it comes to tax preparation. Mike Habib EA, a tax professional, can help save you money and time, all the while relieving you from stress.

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Once you come to know that your tax return is to be audited by the IRS, panicking will be your first instinct. There will be no need for panicking if you seek professional help. Mike Habib is a  tax professional and will help you in preparing for the IRS tax audit and ensure that you achieve the best possible outcome.  Generally, it is a proven fact that individuals must not handle the proceedings of audits themselves. The reason for this is that individuals aren’t aware about the IRS and their proceedings; they may even give out certain information that can open up an even more thorough investigation.

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Taxation is the area in which there can’t be any error, especially if it’s a business. There are so many mistakes an individual can possibly make like penalties, interest and additional taxes. Poor record keeping can result in an audit which is quite an expensive and time consuming procedure. An audit can lead to penalties which can further cause you to lose money. This is the reason why hiring a tax professional is better as compared to doing your taxes yourself.

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Did your business incur and report a loss for tax year 2013? By now, you’ve probably made the decision of whether to carry the loss forward to future tax years or back to a prior tax year. Here’s a quick overview of carrybacks and carryforwards.

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mike habib dave ramsey elp tax servicesBBB accredited business

 

 

Every year we add new clients to our firm, usually the client is looking for a change because their tax preparer, CPA (Certified Public Accountant) or EA (Enrolled Agent), has retired, or passed away, or sold their practice or just need a more attention and better one-on-one tax advice.

If your tax preparer, CPA or EA, is no longer meeting your needs, we provide a complimentary 15 minutes to get to know our tax firm. Our clients enjoy working with our boutique tax firm for these main reasons:

  1. Clients always deal with Mike Habib directly, the principal of the firm,
  2. Clients trust our A+ Better Business Bureau rating, and our firm’s endorsement by financial guru Dave Ramsey,
  3. Clients get outstanding service and specialized tax knowledge and expert advice.

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The United States Court of Appeals for the DC Circuit, today rejected the IRS appeal in the case of Loving v. IRS in which three independent tax return preparers argued that the IRS had overstepped its authority when implementing the Registered Tax Return Preparer (RTRP) program.
The RTRP program was created to regulate paid tax preparers other than those already under Circular 230′s regulatory structure such as Enrolled Agents, certified public accountants and attorneys. The program required other paid preparers to register with the IRS, pass a competency test and complete specified continuing education annually.

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I want to discuss the difference between a CPA and an EA. Most people refer to any accountant, tax preparer, bookkeeper, etc as a CPA. However there are differences between a CPA, an EA and a tax attorney. All 3 are regulated by the IRS’ circular 230.

The distinction between the two designations is very important, since my specialty is federal taxation and tax accounting. I have chosen to earn the Enrolled Agent license from the US Department of the Treasury because it does not limit the geographic area in which I may practice. In other words, I can work with clients in any of the 50 United States (or its territories), unlike a CPA (certified public accountant), or a tax attorney, who has a license that is state specific.

Get professional tax help today, call us at 1-877-78-TAXES [1-877-788-2937].

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The trust fund recovery penalty (TFRP) can be applied to any responsible person who willfully fails to collect or pay trust fund taxes. The penalty amount is equal to the total amount of the tax that was not paid, up to the full amount. This is why it is sometimes known as the 100% penalty. The penalty is separate from the tax and the employer’s liability for such taxes.

Get professional IRS representation. Our firm represents taxpayers before all administrative levels of the IRS.

Please call us at 1-877-788-2937 or email us to schedule an appointment.

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